A Bloomberg analyst has stated that Bitcoin recently traded at its steepest discount ever. This is collaborated by multiple industry players who believe that Bitcoin is either trading at the bottom or is very close to the bottom. If this view holds true, then it could be a good time to start buying Bitcoin. It also means it’s time to start shopping for high-potential altcoins since altcoins tend to outperform Bitcoin in market rallies.
As we head into the weekend, here are three low-cost altcoins that could turn green and sustain momentum going into next week. All three have massive potential for gains due to strong news and their technical capabilities.
XRP (XRP)
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Bitstamp
Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies.
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There is growing speculation that Ripple will win the SEC-initiated case that has dragged down the price of XRP (XRP) for years now. This is evident in the growing confidence of Ripple lawyers and insiders in calling off the SEC. At the same time, the number of partnerships that Ripple is signing with banks and other financial institutions is on the rise. This excitement has seen the number of people that are betting on XRP rise in recent days.
Data shows that there is an uptick in the number of whales buying XRP. If the trend continues, then XRP is without a doubt the cryptocurrency to watch in the near future. At the moment, XRP is the only top 10 cryptocurrency in the green and is up more than 50% in the last 7-days alone.
Dogecoin (DOGE)
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Whale activity is one of the best indicators of where a cryptocurrency is going. When whales buy, it usually means that they have some information that a rally is around the corner. At the moment, data indicates that there is a lot of whale buying for Dogecoin (DOGE). With Bitcoin potentially at the bottom, this whale buying could trigger FOMO around Dogecoin and could see its price rally in the short term. Besides, Dogecoin being a low-cost cryptocurrency is likely to draw in lots of small-time investors in the short term.
Terra Classic (LUNC)
As LUNC is such a new asset, it’s yet to be listed on major exchanges. You can still purchase LUNC using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy LUNC right now, follow these steps:
1. Buy ETH on a regulated exchange or broker, like eToro ›
We suggest eToro because it’s one of the world’s leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It’s also beginner-friendly, and has more payment methods available to users than any other available service.
2. Send your ETH to a compatible wallet like Trust Wallet or MetaMask
You’ll need to create your wallet, grab your address, and send your coins there.
3. Connect your wallet to the 1Inch DEX
Head to 1Inch, and ‘connect’ your wallet to it.
4. You can now swap your ETH for LUNC
Now that you’re connected, you’ll be able to swap for 100s of coins including LUNC.
Terra Classic (LUNC) was one of the best-performing cryptocurrencies recently. This was triggered by FOMO around the implementation of the Terra Classic token burn. While the momentum has slowed down recently, the odds are that LUNC could rally again now that Bitcoin appears to have hit bottom.
That’s because investors still expect LUNC to do well over time due to the rapidly declining supply. As such, it is one of the cryptocurrencies that can do well if the market starts to rally again. At the same time, the cost factor makes LUNC and other low-priced cryptocurrencies like Dogecoin highly attractive to investors.
With just $100, one can buy hundreds of thousands of LUNC cryptocurrencies. As such, if the overall sentiment turns bullish, the odds are that LUNC could easily end the month as one of the best-performing cryptocurrencies.
The post Top penny cryptocurrencies to watch by the end of September appeared first on CoinJournal.
